Curation Team
HYDERABAD: As the real estate market in and around the city picks up, the state govt has put the Rajiv Swagruha Corporation flats in Bandlaguda, Pocharam and Gajularamaram townships up for sale, expecting to raise over ₹1,000 crore.
As many as 159 flats in Sahabhavana township in Bandlaguda, 601 flats in Sadbhavana township in Pocharam and 418 flats in unfinished 9- to 14-storey towers – all of which are located within Medchal-Malkajgiri district – were put up for sale.
Interested parties must submit their applications, with allotment to be decided by a draw on July 30, Aug 1, 2 and 20, if there are multiple bids for each property.
These flats and towers were built 15 years ago, but many remained unsold and have now been put up for sale. The flats range in size from 520 sq ft to over 1,600 sq ft, with an upfront price ranging from 2,500 to 4,000 per sq ft.
These constructions were undertaken with the objective of offering affordable housing to the middle classes in urban areas and on the outskirts of cities under the Rajiv Swagruha scheme. However, hundreds of flats and thousands of plots remained unsold during the last six phases of the auction since the scheme was launched in 2007 in the combined state.
Having already raised ₹142.78 crore from the sale of 18 open plots in Phase-7 of Kukatpally Housing Board Colony, which saw one plot fetch a record 2.98 lakh per sq yd, and earning 65.02 crore through the auction of open plots and flats in Gachibowli, Chintal, and Nizampet, the Housing Board has now notified a fresh auction of its commercial plots-KPHB commercial plots, and Nampally commercial plot.
Telangana Housing Board Vice-Chairman V OP Gautham said all sales will be conducted through a transparent e-auction process, ensuring a level playing field for all bidders.
The final e-auction is scheduled for July 30.
